Transmission and distribution utilities are operating a large number of high-value industrial assets, which have a critical impact both for the company's operating conditions and the security of energy supply. Moreover, potential risks could greatly shorten the life of these assets which are designed to serve for a few decades. Therefore, it is desirable to perform a comprehensive assessment of utility assets, identify early risks and make the repair and replacement decisions accordingly. However, this could be a challenging task, because: (1) it is difficult to make a comprehensive evaluation of the contemporary electrical equipment using a wide range of operation, test and maintenance data; and (2) it is challenging to optimize asset repair and replacement over a long period of time considering asset performance prediction coupled with operational constraints. A system and method for event sequencing for electrical power transmission and distribution equipment in order for asset health and risk assessment and asset replacement and upgrade simulation are needed.